A Characteristic of Monopolistic Competition Is That

question 35

Multiple Choice

A characteristic of monopolistic competition is that:

• A) there are many large firms in the industry.
• B) firms produce a homogeneous product.
• C) there are few firms in the industry.
• D) firms are price makers.

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Definitions:

Slippery Slope Fallacy

A logical fallacy that occurs when an argument suggests that a minor first step will lead to a chain of related and undesired events.

Fallacy Of Composition

The logical error of assuming that what is true for the individual parts must also be true for the whole group.

Slippery Slope Fallacy

A logical fallacy that asserts without sufficient evidence that a relatively small first action leads inevitably to a chain of related (negative) events.

Predicted Outcome

A predicted outcome is the expected result of an experiment or model, often based on theoretical insight or previous data.